Accountancy Age reported that this week HMRC revealed the first 30 banks they have issued Information Notices regarding customers suspected of holding undeclared funds offshore; including the Bank of Cyprus and the Bank of India. Around 500 financial institutions are expected to be included in HMRC’s Tax Amnesty – New Disclosure Opportunity which seeks to recover tax on monies held overseas by UK residents.
The letter sent to the Bank of India was dated 27 February 2009 and was issued by HMRC’s offshore accounts unit on Merseyside. The same letter was sent to the Bank of Cyprus and the other banks in the named group of 30.
The letters outline the legal information powers HMRC will use to secure bank account details. It also requests information on how the banks are structured and documents relating to UK customers ‘holding offshore accounts and investment vehicles.’ (i.e. trusts and settlements).

If you are concerned about an offshore bank account or offshore assets, or have any historic tax liabilities that are worrying you, or think the New Disclosure Opportunity may benefit you: then Lynam Tax Enquiry Experts can help.Call today for a confidential, discreet discussion with our experienced Tax Experts.